New Beach Listings in Malibu

These two properties were listed on the beach in the last 7 days!
1. 

29042 Cliffside Dr. MLS#12-577749
$8,750,000

 Situated on beautiful Point Dume on over one acre, with 110 feet ocean frontage, is this contemporary Mexican Villa designed by renowned architect Ed Giddings, recognized for his prize winning residences and resorts in Puerto Vallarta and Cabo San Lucas. Enter through the gates and you are transported into a private paradise with lush tropical landscaping, ocean breezes and stunning panoramic white-water views of the point Dume Headlands, Queen's Necklace and Catalina Island.

2.

21408 Pacific Coast Highway MLS#12-578651
$8,795,000

Exclusive sandy La Costa Beach! European Villa with walled Italian garden entry. 5 beds, 5 baths. Main level: light infused living room w/FP, dining room, all stainless steel gourmet kitch. & powder room. Second level: wood paneled office/den w/elegant marble bath, huge master suite w/FP, enormous walk-in closet and luxurious marble bath. Third level: 2 oceanfront bedrooms lead out to terrace w/spa and mesmerizing ocean views, 2 baths and guest room. Exceptional quality and detail throughout.

 For information on these and other properties, call  310-457-2229 and we can schedule an appointment.

10 Cities Where List Prices Soared in the Last Year

10 Cities Where List Prices Soared in the Last Year

List prices are heating up in Florida, as recovery takes hold in the Sunshine State. Florida boasts the highest number of cities in the top 10 for largest increases in median list prices in the last year. In Miami alone, median list prices have jumped 32 percent in the last year. 

Nationwide, median list prices have inched up 5.03 percent from December 2010 to December 2011, according to Realtor.com data. 

The following cities are where median list prices have increased the most in the last year, based on December 2011 data of 146 metro areas from Realtor.com:

1. Miami, Florida
Year-over-year increase: 32.50%
Median list price: $265,000

2. Naples, Florida
Year-over-year increase: 21.67%
Median list price: $365,000

3. Fort Myers-Cape Coral, Florida
Year-over-year increase: 21.47%
Median list price: $229,375

4. Punta Gorda, Florida
Year-over-year increase: 19.42%
Median list price: $179,000

5. Boise City, Idaho
Year-over-year increase: 19.25%
Median list price: $154,900

6. West Palm Beach-Boca Raton, Florida
Year-over-year increase: 18.38%
Median list price: $219,000

7. Sarasota-Bradenton, Florida
Year-over-year increase: 17.62%
Median list price: $241,000

8. Daytona Beach, Florida
Year-over-year increase: 16.06%
Median list price: $179,900

9. Phoenix-Mesa, Arizona
Year-over-year increase: 13.79%
Median list price: $165,000

10. Grand Rapids-Muskegon-Holland, Michigan
Year-over-year increase: 13.32%
Median list price: $137,000

What does an escrow officer do?

What exactly does an escrow officer do? In case you were wondering, because while many of us do eventually buy houses, very few of us understand the escrow process.

• Open escrow, and, if instructed to do so, deposit your good faith funds in a separate escrow account. 
• Order a title search to determine ownership and status of the subject real property. 
• Issue a preliminary report and begin the process of eliminating the title exceptions you and your lender are not willing to take title subject to.
•  Request payoff information for the Seller's loans, other liens, homeowner's association fees, etc.
• Prorate fees, such as real property taxes, per the contract, and prepare the settlement statement
• Set separate appointments allowing the Seller and you to sign documents and deposit funds
• Review documents ensuring all conditions and legal requirements are fulfilled; request funds from lender
• When all funds are deposited, record documents with the County Recorder's Office to transfer the subject real property to you
• After the recordation is confirmed, close escrow and disburse funds, including Seller's proceeds, loan payoffs, etc.
• Prepare and send final documents to all parties involved.
  

New Listing!: 8424 Ranchito Ave

8424 Ranchito Avenue

Regular sale! This newly remodeled home has clean lines, wonderful charm & is move in ready! 

• Large landscaped backyard
• Remodeled in-ground swimming pool
• Large windowed bonus room with fireplace that overlooks the backyard
• Designer perfect features: gleaming wood floors, copper plumbing, upgraded kitchen with granite countertops
• 2 car attached garage + 2 parking spots
• Just one block away from the Panorama Mall!
• For sale at 269,000.  Contact Sarah Ribnick Kosasky at 424-235-0143 for details

The Escrow Process

We hear the term escrow a lot, but did you ever wonder exactly what it is?

What is an escrow?

When opening an escrow, the buyer and seller establish terms and conditions for the transfer of ownership of that property.  These terms and conditions are given to a neutral third party known as the escrow holder.  The Escrow Officer, in turn, has the responsibility of seeing that these terms of the escrow are carried out.  The escrow is an independent third party--the vehicle by which the interest of all parties to the transaction are protected.

How Does the Escrow Process Work?

The Escrow Officer takes instructions based on the terms of your Purchase Agreement and the lender's requirements.  The Escrow Officer can hold inspections reports and bills for work performed as required by the Purchase Agreement.  Other elements of the escrow include hazard and title insurance and the grant deed from the seller to you.  Escrow cannot be completed until these have been satisfied and all parties have signed escrow documents. 

What Does the Escrow Holder Do?

The escrow holder is a neutral third party that maintains the escrow and impartially oversees the escrow process, ensuring that all conditions of the sale are properly met.

The escrow holder's duties include:

• Serve as the neutral agent and the liaison between all parties involved.
• Prepare the escrow instructions.
• Request a Preliminary Title Search to determine the status of the title to the property.
• Comply with the lender's requirements as specified on its instructions to escrow.
• Receive and handle purchase funds from the buyer.
• Prepare or secure the deed and documents related to the escrow.
• Prorate taxes, interest, insurance, and rents.
• Secure releases of all contingencies or other documents imposed on the escrow.
• Request the deed and any other documents.
• Close the escrow pursuant to instructions supplied by the seller, buyer, and lender, if any.
• Disburse funds as authorized by the instructions, including charges for title insurance, recording fees, real estate commissions, and loan payoffs. 
• Prepare final statements for all parties involved that account for the disposition of all funds held in the escrow account.

 How Do I Open an Escrow?
When your offer has been accepted, your Real Estate Agent will open escrow.  As soon as you execute your Purchase Agreement, he/she will place your initial deposit (earnest money) into an escrow account.

Written evidence of the deposit is generally included in your copy of the sales contract.   The funds will then be deposited in a separate escrow account and processed through your local bank.  You will receive a receipt for the funds from the escrow company.


What Information will I have to Provide?
You may be asked to complete a Statement of Identity as part of the paperwork.  Because many people have the same name, the Statement of Identity is used to identify the specific person involved in the transaction through such information as date of birth, social security number, etc.  This information is strictly confidential.  

How Long is an Escrow?
The length of an escrow is determined by the terms of the Purchase Agreement and can range from a few days to several months.  The average length of an escrow is usually 45 days. 


When do I Sign Escrow Instructions and Where?
A few days before closing, your Escrow Officer or your realtor will contact you to make the appointment for you to sign your escrow instructions, grant deed, and final papers.  At this time, your Escrow Officer will also tell you the amount of money you will need to bring in.

Moving Countdown: Preparing for your Move

Planning and preparing down to the last few details will make your move easier.  The following schedule will help keep you on track.

8 Weeks Before the Move

• If you are using a professional mover, get estimates from different moving companies and choose the one that best suits your needs.
• If you are moving yourself, get estimates from the truck rental companies.  Be sure to reserve in advance.
• Draw a floor plan of your house.  This will help decide what furniture stays and what furniture will go.
• Use up things that can't be moved - such as food in your freezer and flammable household aerosol cleaning products. 
• Ask your agent for a relocation package for your new location or contact the Chamber of Commerce in your new location and start gathering information about your new hometown.

6 Weeks Before the Move

• Discuss costs, insurance, packing, loading, delivery, and the claims procedure with your mover.
• Inventory all of your possessions now.  Determine what can be sold and what can be donated for a tax deduction to charity.
• Get copies of your records from doctors, dentists, lawyers, accountants, and veterinarians, etc. 
• Make arrangements to transfer your child's school records.
• Find out from your accountant or the IRS about tax-deductible moving expenses.  Make sure you keep accurate records.

4 Weeks Before the Move

• If you have contracted to have the mover do all the packing for you, arrange to have this task completed a day or two before loading the truck.
• If you need it, arrange for storage.
• Clean or repair furniture, curtains or carpets that need it. 
• Hold a garage sale.  Use the extra cash to splurge a little on your new place.
• If you are moving yourself, figure out how many boxes you'll need.  Many truck rental companies will provide this service.

3 Weeks Before the Move

• Assemble packing materials
• Furniture pads
• Hand truck
• Dolly 
• Packing tape
• Bubble wrap
• Crumpled newspapers
• Scissors 
• Utility knife
• Large self-stick labels
• Felt tip markers
• Boxes and more boxes!
• Arrange to cancel utilities and services at your old home and have them installed at your new home.
• Make travel and hotel reservations.
• Begin packing items you don't need.  Don't pack too much weight in an unreinforced box.
• Make sure your cell phone works in your new neighborhood.
• Get car license, registration, and insurance in order, as necessary.

2 Weeks Before the Move

• Arrange to transfer all your bank accounts to new branch locations.
• Make any special arrangements to move pets, such as purchasing airline reservations and traveling containers.  Consult your veterinarian about how to make moving easier on your pet.
• Have your car checked and serviced for the trip.  Make sure tires are in good shape and all fluids are at adequate levels.
• Cancel any direct deposit or automatic payment arrangements on bank accounts that you are closing.
• Cancel delivery services.

1 Week Before the Move

• Transfer all medical prescriptions to a pharmacy in your new location.
• If you will need a babysitter, arrange for moving day service.
• Return library books.

2 or 3 days Before the Move

• Defrost your refrigerator and freezer.
• Have the movers pack your shipment.
• Arrange to have cash, a certified check, or money order ready to pay the driver on the delivery day.
• Set aside valuables and legal documents to go with you, not on the moving van.
• Pack clothes and toiletries to go with you; take a day or two of extra clothes in case of delay.
• Pack first day handy items box to go with you.

Moving Day

• Do it yourself movers should pick up truck early.
• Make a list of every item and box loaded onto the truck.
• Let the mover know where you can be reached.
• Before you sign it, read the bill of loading.  Keep it in a safe place until your goods are delivered, charges are paid, and any claims settled.
• Check your old house to make sure you've turned off your appliances and the water. 
• Leave the keys and garage door openers in the house.
• Lock all doors and windows.
• Be on hand to answer questions and give directions to mover. 

Delivery Day

• Assemble First Day Handy Items
• Scissors 
• Utility Knife
• Coffee Cups 
• Tea kettle/Coffee maker
• Paper plates
• Toilet paper
• Instant coffee/tea/soft drinks
• Shelf liner
• Check off all boxes and items as they come off the truck
• Install new locks
• Make sure the utilities are hooked up.
• Unpack the kids' toys and pets' toys
• Toiletries kit
• Trash Bags
• Bath Towels
• Masking tape
• Pencils & paper
• Soap

Terms you should know in Real Estate

Ever wonder what all the jargon in real estate means?  Well, here's a quick go-to guide on guide on real estate terms you might run into!

Terms you might run into in escrow:

• Amendments: A change--either to alter, add to, or correct--part of an agreement without changing the principal idea or essence.
• Appraisal: An estimate of real property resulting from analysis of facts about the real property; an opinion of value.
• Assumption: Taking over another person's financial obligation; taking title to a parcel of real property with the Buyer assuming liability for paying an existing note secured by a deed of trust against the real property.
• Beneficiary: The recipient of benefits, often from a deed of trust; usually the lender.
• Close of Escrow: Generally the date the documents are recorded and title passes from Seller to Buyer.  On this date, the Buyer becomes the legal owner, and title insurance becomes the legal owner, and title insurance becomes effective.
• Comparable Sales: Sales that have similar characteristics as the subject property, used for analysis in the appraisal.  Commonly called "comps."
• Deed (Grant Deed or Warranty Deed):  A real estate oriented document used to convey fee title to real property from the grantor (usually the Seller) to the grantee (usually the Buyer).
• Deed of Trust: An instrument used in many states in place of a mortgage.
• Deed Restrictions: Limitations in the deed to a parcel of real property that dictate certain uses may or may not be made of the property.
• Earnest Money Deposit: Down payment made by a purchaser of real property as evidence of good faith; a deposit or partial payment.
• Easement: A right, privilege, or interest limited to a specific purpose that one party has in the land of another.
• Lien:  A form of encumbrance that usually makes a specific parcel of real property the security for the repayment of a debt or or discharges of an obligation.  For example, judgments, taxes, mortgages, deeds of trust.
• Mortgage: The instrument by which real property is pledged as security for repayment of a loan.
• PITI: A payment that combines Principal, Interest, Taxes, and Insurance.
• Power of Attorney: A written instrument whereby a principal gives authority to an agent.  The agent acting under such a grant is sometimes called an "Attorney-in-Fact.:
• Purchase Agreement:  The purchase contract between the Buyer and Seller.  It is usually completed by the real estate agent and signed by the Buyer and Seller.
• Quitclaim Deed: A deed operating as a release, intending to pass any title, interest, or claim which the grantor may have in the real property,  but not containing any warranty of a valid interest or title by the grantor.
• Recording: Filing documents affecting real property with the County Recorder as a matter of public record. 
 

Professionals involved in your transaction:

• Realtor: A Realtor is a licensed real estate agent and a member of the National Association of Realtors, a real estate trade associations.  Realtors also belong to their state and local Association of Realtors.
• Real Estate Agent:  A real estate agent is licensed by the state to represent parties in the transfer of real property.  Every Realtor is a real estate agent, but not every real estate agent has the professional designation of a Realtor. 
• Listing Agent:  A key role of the listing agent or broker is to form a legal relationship with the homeowner to sell the property and place the property in the Multiple Listing Service.  
• Buyer's Agent: A key role of the buyer's agent or broker is to work with the buyer to locate a suitable property and negotiate a successful home purchase.
• Multiple Listing Service (MLS):  The MLS is a database of properties for sale by Realtors who are members of the local Association of Realtors.  Information on an MLS property is available to thousands of Realtors. 
• Title Company:  These are the people who carry out the title search and examination, work with you to eliminate the title exceptions you are not willing to take subject to, and provide the policy of title insurance regarding title to the real property.
• Escrow Officer: An escrow officer leads the facilitation of your escrow, including escrow instructions preparation, document preparation, funds disbursement, and more.

Beachside Leases between 2000-3500

1. 11950 Whalers Lane Malibu, CA 90265

$2700/month 2 br/1.5 ba

"Special beach getaway at the Malibu Bay Club. Come enjoy a wonderful lifestyle from this 2 bedroom penthouse unit. Light and bright interior with large balcony and expansive ocean views. Secure, gated complex in the western end of Malibu with heated pool, spa, paddle tennis court and access to a great beach. Don't miss this rare opportunity to enjoy beach living at an affordable price."

2. 11938 Whalers Lane Malibu, CA 90265

$2800/month, 2 br/2 ba

"Panoramic ocean views from this recently refurbished townhouse in the Malibu Bay Club. Complex has a heated pool, spa, paddle tennis and beach volleyball. Washer/dryer inside unit. There is a second bedroom suite downstairs with a kitchenette . Fabulous surfing and a beautiful sandy beach are a short distance. Also for sale for $695,000."

3. 25121 Malibu Road Malibu, CA 90265

$2975/month, 1 br/1 ba

"Amazing ocean views from every room. Great beach pad on old Malibu Road. Updated one bedroom with hardwood floors, beam ceilings, stainless steel Viking stove, refrigerator and breakfast bar, great closets. Quiet, magical spot."

4. 20202 Pacific Coast Highway #15 Malibu, CA 90265

$2095/month, studio/1 ba

"Amazing ocean views from every room. Great beach pad on old Malibu Road. Updated one bedroom with hardwood floors, beam ceilings, stainless steel Viking stove, refrigerator and breakfast bar, great closets. Quiet, magical spot."

5. 20202 Pacific Coast Highway #5 Malibu, CA 90265

$3250/month, studio/1 ba
"Very unique studio cottage on Big Rock Beach with great built-ins. Large ocean side deck with intense views of Queens Necklace, PV Peninsula and Catalina Islands. Wood floors, high ceilings including some loft space and washer/dryer. Terrific weekend get-a-way or perfect for a writers hide-a-way."

6. 11948 Whitewater Lane Malibu, CA 90265

$3500/month, 2 br/1 ba

" Tastefully remodeled end unit with full frontal, nearly 180 degree ocean views. Done to the nines with quality finishes throughout - Italian tiles, granite counters, stainless appliances, wine fridge, electric fireplace heater . . . even a high tech toilet! Also has the convenience of indoor laundry. Priced well to lease quickly."

7. 19710 Pacific Coast Highway Malibu, CA 90265

$3200/month, 1 br/1 ba

"1+1 apartment right on the sand for lease. Granite countertops, stainless appliances, hardwood floors, private patio - All overlooking the ocean. 2 flat screen TV's as well as all utilites included. Available now. No pets/smokers please."

8. 26664 Seagull Way #B102 Malibu, CA 90265

$3050/month, 1 br/1 ba

"Nantucket meets Malibu, fantastic one bedroom over looking the beautiful Pacific Ocean. Interior designer furnished unit, great closet space, immaculate condition, complete with the sound of crashing waves to lull you to sleep. Secured gated complex has a pool, tennis courts, gym and private beach area with picnic benches, volleyball court and steps to a great surf break! Agents see Private Remarks regarding SHORT TERM & SUMMER RATES."

9. 11930 Whitewater Lane Malibu, CA 90265

$3500/month, 2 br/1 ba

"The ultimate short term lease at the beach. Just bring your clothes and your toothbrush. Short term from 2 to 6 months maximum. Two bedroom, one bath, and the view, sound and smell of the surf, non-stop. Walk down to the beach, perfect for a test drive. Indoor laundry, remodeled bath and kitchen with huge ocean view and great deck for lounging the day away. Complex has pool, spa, paddle tennis court and sport court. Good credit a must. Property is already leased June, July and August 2012. Currently leased until February 21, 2012"

10.  42510 Pacific Coast Highway Malibu, CA 90265

$3500/month, 2 br/1 ba 

"2 BEDROOM, 1 BATH BEACH HOUSE. RECENTLY REMODELED. HARDWOOD FLOORS, GRANITE COUNTER TOP, FIREPLACE, OCEANFRONT DECK, AND GARAGE. SPECTACULAR SUNSETS. SECLUDED, PRIVATE BEACH."

11. 26664 Seagull Way #B209 Malibu, CA 90265

$2900/month, 1 br/1 ba

"Beautiful upper level 1+1 with wonderful ocean views. Fully furnished. Complex features full amenities including pool, spa, clubhouse, gym, tennis court, sauna, beach volleyball and private beach. Available NOW, flexible lease terms. Short term. Call for details."

12.  26668 Seagull Way #D202 Malibu, CA 90265

$2400/month, 1 br/ 1 ba

"Front row upper unit. Quiet location, great ocean views! Newer carpet & paint - owner will consider other upgrades. Whitewater, ocean and city lights views. Complex features a pool & spa, tennis courts, gym, sauna and private beach. READY FOR MOVE-IN!! Short or long term - available now."

13. 26664 Seagull Way #A113 Malibu, CA 90265

$3500/month, 2 br/2 ba

"Enjoy the best of living on the shores of the ocean. Resort living yet close to schools and shopping. Elevator access to the unit. Many of the ammenities include pool, spa, tennis courts, gym and sauna. The complex is guarded and gated. NOT AVAILABLE JAN, FEB, MARCH."

For information on any of these leases or a listing appointment, call Areté Estates at 310-457-2229! 

Sold in Malibu in the two weeks (12/27/11-1/10/12)

1. 29351 Bluewater Rd.
  
Listed at $1,725,000--sold for 1,680,000 on 1/03/12, spent 443 days on the market


2. 26312 Fairside Rd. 

Listed at $579,000--sold for $579,000 on 1/02/12, spent 258 days on the market


3. 25152 Malibu Rd.

 Listed at $5,950,000--sold for $5,500,000 on 1/05/12, spent 275 days on the market


4. 6218 Ramirez Mesa Dr. 

Listed at $3,150,000--Sold for $2,825,000 on 12/28/11, spent 213 days on the market


5.  3600 Las Flores Canyon Rd.
 
Listed at $1,499,000--Sold for $1,175,000 on 12/28/11, spent 209 days on the market


6. 6737 Wildlife Dr. 

Listed at $4,150,000--sold for $3,575,000 on 12/23/11, spent 183 days on the market


7. 23476 W Moon Shadows Dr 

Listed at $1,389,000--sold for $1,225,000 on 1/06/12, spent 109 days on the market


8.  2940 Seabreeze Dr. 


Listed at $595,000--sold for $495,000 on 1/03/12, spent 24 days on the market


9. 31209 Pacific Coast Hwy.
  
Listed at $2,500,000--sold for $2,450,000 on 12/29/11, spent 18 days on the market

4 Real Estate Resolutions for 2012

Re-blogged from Tara@Trulia, an incredible blog!

If you’re anything like the average New Year’s Resolution-setter, you’ve probably already declared that 2012 will be your year. And that means different things to different people. It might be the year you pay off your credit cards, fit back into your “skinny” clothes, or finally take that dream vacation you’ve been eyeing. 

Given the volatility of the real estate market over the last few years, my guess is that more than a few of you are also considering including real estate resolutions on the short list of things you want to take care of over the next 12 months.

Whether your stage of life renders you more interested in buying, selling, getting right side up - consider adding one of these real estate resolutions to your list:

1.  Buyer Resolution: fix up your financials and buy a home. It’s no secret that the mortgage lending world is tough out there. But don’t let that stop you from buying a home in 2012. The name of the game is to prepare, prepare, prepare. 

In particular:

• Pull your papers together: Spend January gathering up: your past two years’ federal tax returns and W-2s; your last two months’ pay stubs; and statements from bank and other asset accounts, like retirement accounts and investment accounts. You might also find it handy to have marriage and divorce certificates on hand, as well as the statements from any credit, auto or student loan accounts you hold.
• Also, start keeping a running file to collect and keep handy new stubs and statements throughout the year; when you find your dream home, your lender will ask you to refresh your application with the latest versions.
• Compile your cash to close: If you’re serious about buying a home this year, you’ve probably already started saving up - or at least know where and how you plan to access your down payment funds. Early this year, meet up with your real estate and mortgage brokers and do a double-check on how much cash you’ll need for your down payment and closing costs to buy the sort of home you’re looking for in a location you’d like.
• Also, touch base with your team on timing matters around any gift money or money from your own retirement accounts that you plan to use toward your purchase. You might need some lead time in order to draw your own funds, specific documentation of where the monies came from, or a couple of months for the money to sit and ‘season’ in your own accounts before the lender will greenlight the deal; the best practice is to make yourself aware of any such requirements as soon as possible.
• Have your mortgage pro run your credit report. Again, if you’re planning to buy this year, chances are good you’ve already pulled your own reports from the three bureaus. But as you move down the home buying timeline, it’s imperative to get your mortgage broker or banker to pull their versions of your reports, as that what the lender will go by. 

This is another task you should check off your to-do list sooner rather than later. If by chance an error or issue does arise, you’ll need some time to remediate your report, whether by paying off that mystery collection, disputing an erroneous ding on your own or paying for your broker to obtain a Rapid Rescore.

2.  Seller Resolution: Price it, spruce it and sell it. A too-high price is a sure-fire way to ensure  your home lags on the market, causing you more anxiety and costing you more money as the days turn into weeks, months or even longer. Rather than testing the market, the end result of overpricing is usually that you end up receive no or lowball offers, or even resigning yourself to lowering the price below what you could have originally gotten, to offset the stigma of desperation buyers sense when a home has been on the market a long time. 

Resolve to price your home right before it goes on the Multiple Listing Service. Study your local market, visit Open Houses similar to yours, look at as many recent comparable sales as possible, and talk to your agent in detail – talk to several agents, if that makes you more comfortable -- before landing on your home’s list price. 2012 is going to be another competitive year for sellers, so manage your own urge to overprice in order to position your home to best the competition. 

One more thing – given the intense level of competition among homes, curb appeal can go a long way to entice buyers to come and see your house. Of course, it behooves you to stage the inside too, but don’t overlook outside upgrades like shrubbery, flowers and painting the exterior.  

And before you worry about breaking the bank, use your agent as a resource to get insight into what local buyers want, aesthetically, these days. Chances are there are a few critical, inexpensive projects you can undertake to boost buyers’ desire to come in and have a look around. Keep costs down by painting trims, doors, eaves and focusing on landscaping, and using your repair budget on small fixes like driveway cracks and fallen shutters.

3.  Owner Resolution: Get right-side up. Over 25 percent of Americans who have a mortgage owe more than their home is currently worth. While getting right-side up, so to speak, is certainly easier said than done, it’s not impossible (especially if you include getting your payments lowered in your definition of right-side up).

2012 might be your year to:

• take advantage of newly expanded federal underwater refinance programs like the Home Affordable Refinance Program (HARP 2) and Hardest Hit Funds (if you live in one of the states on this list);
• get assertive about getting a loan modification – even if you’ve been rejected before, and even if you have to get help from a non-profit credit counseling organization or a program like NACA’s Home Save program;
• get a second job or rent out a room to catch up on payments or pay down your balance or, if all else fails;
• put your home on the market, listing it as a short sale.

Keep in mind that the federal income tax exemption on mortgage debt that is forgiven through a foreclosure or short sale is currently set to expire on December 31st of this year, but banks are taking around 2 years after the first missed payment, on average, to foreclose on homes. If you list your home as a short sale with an experienced short sale agent, stat, you have a better chance of avoiding the potentially massive income tax implications of offloading your upside down home than you do if you just stop making the payments and walk away from it!  

Talk with a local agent with a their track record of closing short sales, and with a local attorney and CPA before you make this move.

4.  Renter Resolution: Make the rent vs. buy decision and start saving, if you decide to buy. Depending on where you live, it might actually be cheaper to own a home than to rent it! Mortgage rates hit record lows last month (below 4% for a 30-year-fixed!), and there are tons of homes on the market, tilting the supply-demand imbalance in buyers’ favor. If you live in an area with a strong buyer’s market and think you might be ready to commit to homeownership, this is exactly the right time to start getting serious about making the decision whether to proceed down the path to home ownership.

It can take months – even years – to save enough cash to buy a home, not to mention the many moons it takes today’s buyers to find and buy a home. So, if you do decide to buy, you’d be wise to start your saving up for a down payment now to maximize your chances of getting into the market while home prices are still relatively low (even if that is a year or more down the road).

In that vein, look for spending cuts you can make that will enable you to save as much as possible each month until you reach your goal. Take on extra work, if you can, to stash more cash in your savings account. And consider setting up a separate savings account called “Home” where you can watch it grow and stay inspired to keep moving toward your goal.

New Listing in Malibu: 119 Malibu Colony Rd.

 

Just listed in Malibu!- 119 Malibu Colony Rd.

This 5 bedroom, 7 bathroom house was just listed yesterday on January 3rd--a good way to start the new year!  For $29,950,000, it's not exactly a steal, but that's to be expected of the Colony. I think the coolest part of this listing is that there is a 1200 sq. ft. rooftop entertainment deck with a spa, bar, and barbeque.

Listed with Damon Skelton of Coldwell Banker. 

To make an appointment to see this or any other Malibu property, call us at 310-457-2229 or e-mail us at info@AreteEstates.com.

Reblogged from the Real Estalker

Re-blogged from the Real Estalker... a bit of Malibu real estate news--well, a bit of Malibu real estate trouble really.

"There's trouble in paradise if one's idea of paradise is the freakishly expensive strip of sand known as Broad Beach in Malibu, CA. Broad Beach has for decades been lined with beach bungalows and ocean front mansions, many owned by rich and famous folks, showbiz executives, and a slew of west coast-based Wall Street types.

One of Broad Beach's newest mansions, now just about finished, was built for and is owned by smoldering Irish-born movie star Pierce Brosnan (Mamma Mia!, The Thomas Crown Affair and half a dozen money makers from the James Bond film franchise) and his second wife, former actress/tee-vee presenter/activist Keely Shaye Smith.

We're not sure why the gossips at X17 reported earlier in the week that Mister Brosnan and Missus Shaye Smith paid a bone shattering $45,000,000 for the two-parcel ocean front spread because the admittedly somewhat vague online records we peeped indicate they acquired the property in March 2000 for $5,100,000.

Whatever the case, the existing house was razed (or at least significantly dismantled) and replaced by a gigantic, just about completed U-shaped Balinese-inspired mansion with ocean side swimming pool and detached guest/pool house.

Unfortunately for Mister Brosnan, Missus Shaye Smith and the many of the other well-heeled (but probably bare-footed) Broad Beach home owners, the shoreline has eroded and diminished significantly over the last 10 or so years. In order to protect their newly built residence, Mister Brosnan and Missus Shaye Smith, as well as numerous other residents along Broad Beach, erected a ghastly but necessary tall wall of sandbags to hold the advancing ocean at bay. More recently home owners along Broad Beach spent boo coo bucks to construct an an even more unsightly and permanent rock revetment between their homes and thundering surf.

Fortunately for him and his, Mister Brosnan's just about completed crib has a swimming pool but should he or any of his children and/or guests desire to stroll along the shoreline or bob around in the ocean, they must first make a grisly, knee scraping scramble over the revetment.

Some of the other property owners who share the same stretch of eroding shoreline as the Brosnans include Tinseltown types such as Steven Spielberg (who leased his contemporary Craftsman-style compound last summer to David and Victoria Beckham for $150,000 per month), Mike Ovitz, Dustin Hoffman, Danny DeVito and Rhea Pearlman, and a slew of high-flying financiers and real estate developers who include Mark Attanasio, George Novogroder, Edward Roski Jr., tool tycoon Eric Smidt, and former shipbuilding mogul turned investor Burton Borman whose 10,000-plus square foot Frank Gehry-designed digs on Broad Beach include, of all luxuries, a lighted and sunken ocean side tennis court.

This is not the first Broad Beach area home Mister Brosnan and Missus Shaye-Smith Brosnan have owned. In fact, the environmentally concerned couple have long resided in Malibu in a Mediterranean style hillside house that sits much closer to busy and loud Pacific Coast Highway than the beach. In June 2010 Mister Brosnan and Missus Shaye-Smith Brosnan listed their 3,412 square foot hillside house with an asking price of $3,900,000. Just a few days before Christmas, eighteen months after first being listed, several price chops that brought the final asking price to $2,790,000, and at least one failed escrow the two-story, 3 bedroom, 3.25 bathroom and 4 fireplace Brosnan/Shaye Smith abode has been sold to a non-celebrity for an undisclosed price We heard through the Malibu celebrity real estate gossip grapevine but can't confirm it went for $2,650,000.

Property records indicate Mister Brosnan and Missus Shaye Smith also own at least one home near the scenic Hanalei and Wainiha bays on the star-studded Hawaiian island of Kauai."